European Golf Machinery Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02912185 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

European Golf Machinery Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Yallop

J Yallop

SECRETARY:

J Yallop

REGISTERED OFFICE:

The Oaks

Snipe Farm Road

Clopton

Woodbridge

Suffolk

REGISTERED NUMBER:

02912185 (England and Wales)

ACCOUNTANTS:

ALS Accountancy Services

Rivendell

Church Road

Battisford

Stowmarket

Suffolk

IP14 2HE

FIXED ASSETS

Intangible assets

4

31,568

38,995

Tangible assets

5

76,764

42,799

108,332

81,794

CURRENT ASSETS

Stocks

63,040

83,682

Debtors

211,440

179,649

Cash at bank

199,854

180,275

474,334

443,606

CREDITORS

Amounts falling due within one year

120,050

139,484

NET CURRENT ASSETS

354,284

304,122

TOTAL ASSETS LESS CURRENT LIABILITIES

462,616

385,916

PROVISIONS FOR LIABILITIES

11,630

8,088

NET ASSETS

450,986

377,828

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

450,984

377,826

SHAREHOLDERS' FUNDS

450,986

377,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 November 2017 and were signed on its behalf by:

J Yallop - Director

1.	STATUTORY INFORMATION

European Golf Machinery Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

74,273

AMORTISATION

At 1 April 2016

35,278

Amortisation for year

7,427

At 31 March 2017

42,705

NET BOOK VALUE

At 31 March 2017

31,568

At 31 March 2016

38,995

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

72,628

Additions

42,021

Disposals

(1,200

)

At 31 March 2017

113,449

DEPRECIATION

At 1 April 2016

29,829

Charge for year

7,550

Eliminated on disposal

(694

)

At 31 March 2017

36,685

NET BOOK VALUE

At 31 March 2017

76,764

At 31 March 2016

42,799

6.	RELATED PARTY DISCLOSURES